BUD­GET PRO­POS­ALS LAND POOL­ING

Hindustan Times (Chandigarh) - Estates - - ESTATES -

Farm­ers in Andhra Pradesh, who sur­ren­dered their land to the gov­ern­ment for its up­com­ing cap­i­tal city Amar­a­vati, will not have to pay cap­i­tal gains tax on land sale pro­ceeds Those who held land on June 2, 2014 — when Andhra Pradesh was bi­fur­cated to carve out Te­lan­gana, In­dia’s youngest state — and sold it to the gov­ern­ment will ben­e­fit from the tax waiver, fi­nance min­is­ter Arun Jait­ley said in his bud­get speech Over 20,000 farm­ers have given up land un­der the Land Pool­ing Scheme (LPS) for the devel­op­ment of the new cap­i­tal city Cap­i­tal gains tax will be ex­empted for per­sons hold­ing land from which land was pooled for cre­ation of the state cap­i­tal of Andhra Pradesh. The tax ben­e­fit de­pends on the value of the land given up by the farmer

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